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The Westpac-Melbourne Institute gauge of inflation showed inflation of just 2.4 per cent for the year, described as “soft" by National Australia Bank economist Robert Henderson.

Mr Henderson said the inflation rate could be “low enough to potentially trigger an RBA rate cut in February".

NAB predicts interest rates will fall from 3 per cent to 2.25 per cent in 2013 as the economy weakens. Lower interest rates are correlated with a weaker exchange rate as investing in the Australian economy becomes less attractive for international investors.